Oil set for fourth straight week of gains as investors assess US sanctions

By Enes Tunagur

LONDON (Reuters) -Oil prices moved lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions.

Brent crude futures were down 57 cents, or 0.70%, at $80.72 per barrel by 1433 GMT, having gained 1.15% this week.

U.S. West Texas Intermediate crude futures were down 44 cents, or 0.56%, at $78.24 a barrel, having climbed 2.13% for the week.

“The oil market is in a bit of a wait-and-see mode, to understand if there are any supply disruptions based on the latest U.S. sanctions versus Russia,” UBS analyst Giovanni Staunovo said.

Last week, the Biden administration unveiled broader sanctions targeting Russian oil producers and tankers.

Investors are also assessing potential implications of President-elect Donald Trump’s return to the White House on Monday. Trump’s pick for Treasury secretary said he was ready to impose tougher sanctions on Russian oil.

“While comments from Rubio and Bessent point in a direction of potential further sanctions impacting oil producers, market participants prefer to wait on what the next U.S. president will decide,” Staunovo said, referring to U.S. Senator Marco Rubio, who is Trump’s pick for U.S. secretary of state.

Also weighing on oil prices were expectations of a halt in attacks by Yemen’s Houthi militia on ships in the Red Sea in the wake of a Gaza ceasefire deal.

The Houthis’ attacks have disrupted global shipping, forcing ships to make longer and more expensive journeys around southern Africa for more than a year.

The Israeli cabinet is set to approve a deal with militant group Hamas for a ceasefire in Gaza, Prime Minister Benjamin Netanyahu’s office said on Friday.

Expectations for better demand lent some support to the oil market earlier on Friday. Data this week showed inflation easing in the U.S., the world’s biggest economy, bolstering hopes of interest rate cuts.

Traders are also assessing fresh data from China, the world’s top oil importer. Its economy fulfilled the government’s ambitions for 5% growth last year.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Week at a Glance: Exness Halts Onboarding in India, Event Contracts’ Boom Draws Scrutiny

    • July 19, 2025
    Week at a Glance: Exness Halts Onboarding in India, Event Contracts’ Boom Draws Scrutiny

    Over-Analyzing the Market: Signs You’re Stuck and How to Fix It?

    • July 18, 2025
    Over-Analyzing the Market: Signs You’re Stuck and How to Fix It?

    How Central Bank Policy Divergence Affects Exchange Rates?

    • July 18, 2025
    How Central Bank Policy Divergence Affects Exchange Rates?

    FSA Seychelles Licences WeTrade; CySEC Authorised It Earlier This Year

    • July 18, 2025
    FSA Seychelles Licences WeTrade; CySEC Authorised It Earlier This Year